Chinese company to get Tk 1,200cr this month

[idune]

Chinese company to get Tk 1,200cr this month

Thursday, 26 June 2014

In a rare move, China Major Bridge Engineering Co. Ltd, which has won the mandate to build the much-talked-about Padma Multipurpose Bridge, will receive Tk 1,200 crore, before starting work on the project.

Generally, in Bangladesh, the government sanctions such payments only after the beginning of construction work.
“We are set to provide Tk 1,200 crore to China Major Bridge Engineering Co Ltd, as mobilisation money, by June 30,” project director Shafiqul Islam told The Independent yesterday.

Earlier, on June 2, the government had approved the work-order for China Major Bridge Engineering Co. Ltd, to construct the Padma Multipurpose Bridge, at a cost of Tk. 12,133 crore.

Earlier, on June 2, the government had approved the work-order for China Major Bridge Engineering Co. Ltd, to construct the Padma Multipurpose Bridge, at a cost of Tk. 12,133 crore.

Shafiqul Islam added that as Tk 6,800 crore had already been sanctioned in FY 2013-14, a major portion of the allocation has been withdrawn, due to irregularities and other obligations.

United Commercial Bank Ltd (UCBL) has provided China Major Bridge Engineering Co. Ltd with Tk 1,820 crore as guarantor, the project director said, adding that the funds will be adjusted in phases.

Chinese company to get Tk 1,200cr this month

 

[arp2041]

Such a Shame, BD is under money crunch & this Hasina Led RAWAMY Govt. is showering Chinese company with huge sums even before the construction work has started.

 

[Cold Blood]

Land acquisition is already done and payments are also sanctioned quickly, expecting a speedy completion.

 

[UKBengali]

Such a Shame, BD is under money crunch & this Hasina Led RAWAMY Govt. is showering Chinese company with huge sums even before the construction work has started.

What money crunch?

BD economy is growing strongly at over 6% a year.

The government is squeezing a slightly higher proportion of GDP as state spending every year.

Debt is steadily going down as a proportion of GDP and so interest payments on debt decreasing - more funds available for projects like Padma Bridge.

Dude, BD is cruising along nicely.

Lastly, you are right that BD would be doing even better without Indian meddling

 

[arp2041]

What money crunch?

BD economy is growing strongly at over 6% a year.

The government is squeezing a slightly higher proportion of GDP as state spending every year.

Debt is steadily going down as a proportion of GDP and so interest payments on debt decreasing - more funds available for projects like Padma Bridge.

Dude, BD is cruising along nicely.

Lastly, you are right that BD would be doing even better without Indian meddling

& the Nobel Laureate in Economics has Spoken

 

[Mr.S.Singh]

money before the project :o hell ... i am in construction business ... govt never pays me before i start work i am entering Bangladesh lol this is kool

 

[damiendehorn]

Such a Shame, BD is under money crunch & this Hasina Led RAWAMY Govt. is showering Chinese company with huge sums even before the construction work has started.

shows indian lack of knowledge, BD is growing faster then india.

 

[idune]

What money crunch?

BD economy is growing strongly at over 6% a year.

seriously? how much you know about Bangladesh economy other than glossy figure Awami League propagate in the newspaper. What 6% GDP growth? People in Bangladesh, from business to ordinary people, never felt the growth. If one take out base year adjustment Awami League did, there is not much out there.

If there is no money crunch then why the hell Awami thugs taken loan from UCBL, a private bank and trying to adjust (pay back) in 6 installments?

And why 6800 cr take withdrawn and where it was taken? Even bridge authority does not know.

Unless, you have good evidence don't bother to answer.

United Commercial Bank Ltd (UCBL) has provided China Major Bridge Engineering Co. Ltd with Tk 1,820 crore as guarantor, the project director said, adding that the funds will be adjusted in phases.

Shafiqul Islam added that as Tk 6,800 crore had already been sanctioned in FY 2013-14, a major portion of the allocation has been withdrawn, due to irregularities and other obligations.

Indians are critical of their own Awami thugs because, Hasina is plundering and Chinese company is getting a cut of it rather than indians.

 

[Skull and Bones]

shows indian lack of knowledge, BD is growing faster then india.

With a much smaller economic base, Afghanistan has a higher growth rate than Bangladesh.

 

[UKBengali]

With a much smaller economic base, Afghanistan has a higher growth rate than Bangladesh.

Afghanistan is coming out of war dude and GDP growth is growing only slightly higher than BD.

BD and India have similar GDP/capita and so a much better comparison.

 

[UKBengali]

seriously? how much you know about Bangladesh economy other than glossy figure Awami League propagate in the newspaper. What 6% GDP growth? People in Bangladesh, from business to ordinary people, never felt the growth. If one take out base year adjustment Awami League did, there is not much out there.

If there is no money crunch then why the hell Awami thugs taken loan from UCBL, a private bank and trying to adjust (pay back) in 6 installments?

And why 6800 cr take withdrawn and where it was taken? Even bridge authority does not know.

Unless, you have good evidence don't bother to answer.



.

Dude, wage inflation is rampant in the BD private sector now. That should tell you how well the economy is growing.

Without Awami League and Indian interference, BD would be doing even better though.

 

[scholseys]

There are hardly any investments in Bangladesh, both private and foreign. You can't even make 'black' money 'white' to invest, thus Bangladeshi nationals are keeping them in foreign banks or investing else where through laundering. Not to forget, too many bad loans in the banking sector, our economy is more or less a ponzi scheme.

 

[TopCat]

money before the project :o hell ... i am in construction business ... govt never pays me before i start work i am entering Bangladesh lol this is kool

BD government is very good pay maker. That's the fact and those who worked for govt knows it. There are some department including defence will pay you 80% advance cash with the work order.

Afghanistan is coming out of war dude and GDP growth is growing only slightly higher than BD.

BD and India have similar GDP/capita and so a much better comparison.

It seems like we are the first country in south Asia to become a trade surplus country. I am not counting Bhutan's energy export

 

[FNFAL]

Doesnt BD have its own engg firm of repute??

 

[Mr.S.Singh]

BD government is very good pay maker. That's the fact and those who worked for govt knows it. There are some department including defence will pay you 80% advance cash with the work order.

But what if work isnt upto the mark, isnt this the reason you pay after satisfaction that the work meets the standard ?